First Union Going First Class with Uptown Luxury Condos in $75 Mil Park Development

CHARLOTTE-In a bold, strategic move, First Union Corp. is introducing luxury shelter for the first time to The Green, its two-year, $75 million, mixed-use park in the 400 block of South Tryon, next to the bank’s 32-story headquarters building.

The Ratcliffe on the Green, a 10-story, 57-unit condominium/retail complex tentatively slated for occupancy in first quarter 2002, is expected to immediately spur new office or multifamily development proposals on nearby vacant land, according to developers familiar with this section of the center city.

First Union unveiled the condo project Feb. 12. Grubb Properties and Richter & Associates, both locally based, are the joint developers. The condos, averaging 2,200 sf, are priced from $200,000 to $1.3 million. At an estimated average sale price of $300,000, the sell-out value of the units could be at least $20 million, luxury shelter estimators who have worked on similar projects tell GlobeSt.com.